Renovated Brick
New
For Sale
$344,900
1000 1st Street Drive SE, Conover, NC 28613
Two-unit brick property with updated systems, kitchens, bathrooms, windows, and exterior doors near Downtown Conover.
Property Size1,650 SF
Price / SF$209.03
Days on Market6
Property Features for 1000 1st Street Drive SE
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Duplex
Amenities
Features: Wooded, Size: 0.36, Size Units: Acres
Description: Composition
Flooring: Vinyl
Man Level Garage: 0
Details: Central Air
Heating: Central, Heat Pump
Description: Mud Room
Days on Market: 1, Listing Price: 344900, Status: Active
Elementary: North Newton, Middle/Junior High: Newton Conover, High School: Newton Conover
Total Bathrooms: 4
Finished Area Above Grade: 1650, Area: 1650, Architecture: Traditional, Building Area: 1650, Construction Materials: Brick Full, Stories: 1, Year Built: 1966, Construction Type: Site Built
City: Conover, State: NC, Zip: 28613, County: Catawba, Subdivision: None
Full Bathrooms: 2
Sewer: Public Sewer, Water Source: City
Description: Yes
Auction Y/N: 0
Patio Features: Deck, Front Porch
Description: Dishwasher, Electric Range, Refrigerator
Building Details
Building Size
1,650 SF
Year Built
1966
Listing Agency:
RE/MAX A-Team
(828) 291-9514
Listed By:
Andi Jack
(828) 291-9514
Source:
Blackstreaminternational
Added: Aug 14
Changed: Aug 18
Last Checked: Aug 19 at 7:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX A-Team
Investment Insights
Based on property information with market context.
This 1,650-square-foot duplex retains its brick construction while incorporating extensive interior and systems upgrades. Both units were renovated to the studs, with new electrical, plumbing, HVAC systems, cabinetry, flooring, windows, and exterior doors. Updated kitchens and bathrooms add to the refreshed configuration, and the property includes two separate units within one building.
Built in 1966, the property is located at 1000 1st Street Drive SE in Conover, near Downtown Conover, Hwy 16, I-40, shopping, dining, and everyday services. Its position provides access across the Hickory-Conover-Newton area. The combination of two-unit design, updated components, and established brick construction supports both owner-occupancy and rental use as described in the property information.
Built in 1966, the property is located at 1000 1st Street Drive SE in Conover, near Downtown Conover, Hwy 16, I-40, shopping, dining, and everyday services. Its position provides access across the Hickory-Conover-Newton area. The combination of two-unit design, updated components, and established brick construction supports both owner-occupancy and rental use as described in the property information.
Key Highlights
- 1,650‑square‑foot duplex with two units
- Both units renovated to the studs
- New electrical, plumbing, HVAC systems, and exterior doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,903
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$298,060
$298.1K
Cap Rate 7%
$212,900
$212.9K
Cap Rate 9%
$165,589
$165.6K
Market Conditions
NOI Build-Up for 1,650 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.8K $13.80/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$21.3K $12.90/SF
− OpEx
−$6.4K −$3.87/SF
NOI
$14.9K $9.03/SF
Area
Catawba County, NC
Vacancy
6.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$298,060
Cap Rate 7%
$212,900
Cap Rate 9%
$165,589
Alternative Uses
Best Use
Multifamily LT 5
$212.9K
$186.3K – $248.4K
NOI $14,903 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$197.8K
$173.1K – $230.8K
NOI $13,849 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$482.0K
$421.7K – $562.3K
NOI $33,739 @ 7.0% cap · market cap 9.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
298
Businesses Nearby
Explore this area
Business Placement
Demographics for 28613, NC
22,970
Population
10,222
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
42.4 sq mi
ZIP Area
542
Density / Sq Mi
$55,690
Median Household Income
$38,932
Median Earnings
$822
Median Rent
$208,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit brick property with updated systems, kitchens, bathrooms, windows, and exterior doors near Downtown Conover.
Where is this duplex located?
The property is located at 1000 1st Street Drive SE Conover, NC.
What is the asking price?
The asking price for this property is $344,900.
What are key features of this property?
This property features: 1,650‑square‑foot duplex with two units; Both units renovated to the studs; New electrical, plumbing, HVAC systems, and exterior doors
